CHINA CENTRAL DEPOSITORY CLEARING CO.,LTD

Daily Report of China Onshore RMB Bond Market

2018-03-01

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  1. Yield Curves Analysis and Comments on the Market

(1)Bond Market Performance:

Rate Securities

Generally speaking, the yields of SKY and Policy Bank Bonds waved slightly as a whole. In the morning, the auction outcome of CEXIM Bonds on 1Y/3Y/5Y went down; in the afternoon, the auction outcome of CDB Bonds on 2Y/5Y/7Y also dropped. By the end of day, the yields of SKY waved within 2BP except for a few bonds, while the CDB Bonds, ADBC and CEXIM Bonds also experienced a fluctuation within 2BP.

To be more specific, referring to the quotation and transaction of 189909, the yield of SKY_3M went up by 5BP to 3.25%; the yield of SKY_1Y climbed by 1BP to 3.24% due to the transaction of 180003; SKY_3Y went up by 1BP to 3.53% caused by the quotation and transaction of 180002, while SKY_5Y stood at 3.70% resulted from the transaction of 180001; the yield for 7Y reached 3.83% due to the quotation and transaction of 170027, and notably, the yield for SKY_10Y kept stable at 3.82% caused by the quotation and transaction of 180004; the yield for Government Bond (30Y) leveled off at 4.26% caused by the quotation and transaction of 170022.

The yields of CDB bonds waved slightly in general. The yield of 5Y Bond was still 4.79% due to the transaction of 170212. The yield of 10Y Bond stood at 4.81% caused of the transaction of 180205.

Moreover, the yields of ADBC Bonds presented mixed pattern. The yield for 10Y Bond stood at 4.97% caused by the transaction of 170415.

Furthermore, the yields of CEXIM Bonds also fluctuated in a nutshell. Referring to the transaction of 180303, 5Y Bond decreased by 2BP to 4.80%.

Credit Bonds

The yields for short-term credit bonds went up, while bonds of mid and long terms decreased. To be more specific, the yield of AAA on 3M stood at 4.68%, while 6M rose by 4BP to 4.76%, and the yield for 1Y went up by 1BP to 4.97%. The yield for 3Y of AAA decreased by 1BP to 5.21%, while that of AAA 5Y Bonds decreased by 3BP to 5.27%.

The short-term yields for Financial Bonds of Commercial Bank Yield, including CD, were mixed as a whole. The spot of Financial Bonds of Commercial Bank on (AAA 7D/1M/3M/6M/1Y) changed by -5BP, 0BP, +2BP, -5BP and 0BP to 2.96%, 3.64%, 4.68%, 4.73% and 4.88%.

The yields for Urban Construction Bonds showed a downtrend entirely. Specifically, the yield of Urban Construction Bonds AAA on 1M/3Y/4Y changed by -5BP, -2BP and -2BP to 3.86%, 5.26% and 5.31%. The yield of Urban Construction Bonds AA on 3Y decreased by 3BP to 5.72%.

Exchange Market

In addition, there was 5.8 billion of transaction on exchange bidding system, which was scale decreased than previous. The yields of highly rated corporate bonds rose by 1BP. Those of corporate bonds and enterprise bonds with middle and low ratings went up by 1BP. There was active transaction for 0980186 today.

Note

SKY derives from ChinaBond Government Bond Yield Curve, including six key terms on 3M/1Y/3/Y5Y/7Y/10Y. It is published on ChinaBond website at 5:30 every trading day of inter-bank bond market by ChinaBond Valuation Center.

(2)Data and Statistics

Marco economy:In February, the PMI of Caixin manufacturing was 51.6, the previous value was 51.5.

Foreign Exchange Data: The intermediate value of USD/CNY quotation was 6.3352 today, with CNY depreciated by 58 BPs.

PBOC:The Central Bank issued a series of reverse repurchase of 100 billion Yuan for 7 days, 30 billion Yuan for 28 days，and 20 billion Yuan for 63 days. With 160 billion Yuan reverse repurchase due, the net withdrawal was 10 billion Yuan today.

Money Market: The fund interest rates went differently today, with the overnight Shibor went down by 1.70 BPs to 2.6910%, 3M Shibor went up by 0.23 BPs to 4.7154%.

Treasury Futures: The treasury futures market went up today. TF1806 increased by 0.04% to 96.675, and T1803 went up by 0.02% to 92.700.

Stock Market: The stock markets went up today. Shanghai composite index went up to 3273.75 by 14.34 points (or 0.44%) and Shenzhen component index went up to 10943.13 by 114.40 points (or 1.06%). GEM index went up to 1789.85 by 36.22 points (or 2.07%).

(Edited by Nan Yao)

(86-010-88170641, )

2.

ChinaBond Index Trend Analysis

ChinaBond Composite Index tracking general performance of bond market went up today. The net price index excluding interest revenue rose by 0.0078%; and the total return index including interest reinvested revenue rose by 0.0188%. In addition, the average yield to maturity was 4.6578%. The average market capitalization yield was 4.6114%. And the market value weighted duration was 3.6353.

Table 1: Overall Changes of Total Return Indices

Index / Indicator / Term / 2018/3/1 / 2018/2/28 / Change
ChinaBond China Railway Bond Index / Total Return Index / Total Value / 132.268093 / 132.13357 / 0.101808
ChinaBond China Climate-Aligned Bond Index / Total Return Index / Total Value / 143.268854 / 143.137619 / 0.091685
ChinaBond Corporate Bond(AAA)Index / Total Return Index / Total Value / 160.296938 / 160.16039 / 0.085257
ChinaBond China Green Bond Select Index / Total Return Index / Total Value / 144.253032 / 144.13355 / 0.082896
Ping An ChinaBond Investment Grade Bond Index / Total Return Index / Total Value / 138.718675 / 138.604081 / 0.082678
Pingan ChinaBond 5 Year Liquid CDB Bond Index / Total Return Index / Total Value / 116.344541 / 116.249929 / 0.081386
ChinaBond China Green Bond Index / Total Return Index / Total Value / 145.293247 / 145.175411 / 0.081168
ChinaBond Commercial Bank Bond Index / Total Return Index / Total Value / 163.890569 / 163.775884 / 0.070026
ChinaBond Yinhua AAA Credit Bond Index / Total Return Index / Total Value / 133.414783 / 133.328802 / 0.064488
ChinaBond Interbank Asset-Backed Security Index / Total Return Index / Total Value / 114.556147 / 114.482439 / 0.064384
ChinaBond 10-Year Treasury Futures Maturity Matching Policy Bank Bond Index / Total Return Index / Total Value / 106.985763 / 106.919335 / 0.062129
Pingan ChinaBond 5-10 Year Liquid CDB Bond Index / Total Return Index / Total Value / 114.016661 / 113.949051 / 0.059333
ChinaBond 5-Year Finance Bond Index / Total Return Index / Total Value / 154.757945 / 154.666417 / 0.059178
ChinaBond EIBC Bond Aggregate Index / Total Return Index / Total Value / 144.95516 / 144.870991 / 0.058099
ChinaBond Long Term Index / Total Return Index / Total Value / 173.232979 / 173.132584 / 0.057987
ChinaBond 7-20 Year CDB Bond Index / Total Return Index / Total Value / 117.96033 / 117.892919 / 0.05718
ChinaBond CIB Green Bond Index / Total Return Index / Total Value / 130.328458 / 130.2559 / 0.055705
ChinaBond CBIC Bond Index / Total Return Index / Total Value / 148.921138 / 148.838876 / 0.055269
ChinaBond New High Grade Corporate Bond Index / Total Return Index / Total Value / 170.759403 / 170.669578 / 0.052631
ChinaBond Corporate Bond(AA+)Index / Total Return Index / Total Value / 170.550677 / 170.461179 / 0.052503
ChinaBond 5-Year Treasury Futures Maturity Matching Policy Bank Bond Index / Total Return Index / Total Value / 110.34866 / 110.29104 / 0.052243
ChinaBond 10-20 Year CDB Bond Index / Total Return Index / Total Value / 121.220559 / 121.157321 / 0.052195
Inter-Bank Fix-rate Corporate Bond Index / Total Return Index / Total Value / 165.900467 / 165.815692 / 0.051126
ChinaBond Corporate Bond Index / Total Return Index / Total Value / 166.930829 / 166.845551 / 0.051112
ChinaBond Fixed Rate Finance Bond Index / Total Return Index / Total Value / 167.899166 / 167.822984 / 0.045395
ChinaBond 7-10 Year CDB Bond Index / Total Return Index / Total Value / 118.700917 / 118.64773 / 0.044827
ChinaBond 7-10 Year ADBC Bond Index / Total Return Index / Total Value / 119.69092 / 119.637542 / 0.044616
ChinaBond Finance Bond Aggregate Index / Total Return Index / Total Value / 170.985935 / 170.910158 / 0.044338
ChinaBond New High Grade Bond Index / Total Return Index / Total Value / 162.458078 / 162.391398 / 0.041061
ChinaBond New Medium Notes Index / Total Return Index / Total Value / 161.683891 / 161.618096 / 0.04071
ChinaBond Medium Term Notes Index / Total Return Index / Total Value / 160.46816 / 160.402859 / 0.04071
ChinaBond High Grade Medium Term Notes Index / Total Return Index / Total Value / 161.666743 / 161.601258 / 0.040523
ChinaBond High Yield Medium Term Notes Index / Total Return Index / Total Value / 143.336242 / 143.28375 / 0.036635
ChinaBond 2012-Issuing Bond Index / Total Return Index / Total Value / 129.920919 / 129.87462 / 0.035649
ChinaBond China High Grade Bond Index / Total Return Index / Total Value / 162.276543 / 162.220007 / 0.034852
ChinaBond ADBC Bond Aggregate Index / Total Return Index / Total Value / 144.714605 / 144.664488 / 0.034644
Chinabond High Grade Bond Index / Total Return Index / Total Value / 166.685215 / 166.628729 / 0.033899
ChinaBond Credit Bond Index / Total Return Index / Total Value / 164.010377 / 163.955046 / 0.033748
ChinaBond Corporate Bond(AA)Index / Total Return Index / Total Value / 184.972275 / 184.912313 / 0.032427
ChinaBond CDB bond index / Total Return Index / Total Value / 174.731141 / 174.676254 / 0.031422
ChinaBond 3-7 Year CDB Bond Index / Total Return Index / Total Value / 124.301555 / 124.26278 / 0.031204
ChinaBond Company Credit Bond Index / Total Return Index / Total Value / 164.589436 / 164.54244 / 0.028562
ChinaBond High Yield Corporate Bond Index / Total Return Index / Total Value / 185.561086 / 185.508265 / 0.028473
ChinaBond Corporate Bond(AA-)Index / Total Return Index / Total Value / 181.662085 / 181.611732 / 0.027726
ChinaBond Treasury and Policy Bank Bond Index / Total Return Index / Total Value / 144.468149 / 144.43705 / 0.021531
ChinaBond 3-5 Year CDB Bond Index / Total Return Index / Total Value / 124.015727 / 123.98971 / 0.020983
ChinaBond Aggregate Index / Total Return Index / Total Value / 169.922503 / 169.887073 / 0.020855
ChinaBond Fixed Rate Index / Total Return Index / Total Value / 171.575024 / 171.539255 / 0.020852
ChinaBond Floating Rate Finance Bond Index / Total Return Index / Total Value / 165.71565 / 165.681152 / 0.020822
ChinaBond Floating Rate Index / Total Return Index / Total Value / 166.6259 / 166.591213 / 0.020822
ChinaBond China 1-30 Year Sovereign and Quasi-Sovereign Bond Index / Total Return Index / Total Value / 142.225494 / 142.196121 / 0.020657
ChinaBond 2013-Issuing Bond Index / Total Return Index / Total Value / 124.018619 / 123.993891 / 0.019943
ChinaBond Interbank Aggregate Index / Total Return Index / Total Value / 176.702842 / 176.668205 / 0.019606
ChinaBond Composite Index / Total Return Index / Total Value / 179.775631 / 179.741918 / 0.018756
ChinaBond New Composite Index / Total Return Index / Total Value / 175.431198 / 175.3983 / 0.018756
ChinaBond 1-3 Year ADBC Bond Index / Total Return Index / Total Value / 125.041169 / 125.02048 / 0.016549
ChinaBond Short-Middle Term Index / Total Return Index / Total Value / 168.120554 / 168.094511 / 0.015493
ChinaBond Commercial Paper 50 index / Total Return Index / Total Value / 159.51631 / 159.498786 / 0.010987
Pingan ChinaBond 10 Year Liquid CDB Bond Index / Total Return Index / Total Value / 109.52079 / 109.514294 / 0.005932
ChinaBond Commercial Paper (AA) Index / Total Return Index / Total Value / 168.441476 / 168.434692 / 0.004028
ChinaBond Commercial Paper Index / Total Return Index / Total Value / 164.138296 / 164.133095 / 0.003169
ChinaBond Money Market Fund Investable Bond Index / Total Return Index / Total Value / 150.445452 / 150.441089 / 0.0029
ChinaBond Enterprise Bond Aggregate Index / Total Return Index / Total Value / 129.251712 / 129.249733 / 0.001531
ChinaBond Exchange Treasury Bond Index / Total Return Index / Total Value / 168.999324 / 168.997668 / 0.00098
ChinaBond Fixed Rate Treasury Bond Index / Total Return Index / Total Value / 170.69625 / 170.705774 / -0.005579
ChinaBond Treasury Bond Aggregate Index / Total Return Index / Total Value / 170.290626 / 170.300128 / -0.005579
ChinaBond Interbank Treasury Bond Index / Total Return Index / Total Value / 171.907126 / 171.91738 / -0.005965
ChinaBond 7-year Treasury Bond Index / Total Return Index / Total Value / 160.184319 / 160.200649 / -0.010194
ChinaBond Key Terms Treasury Bond Index / Total Return Index / Total Value / 127.71437 / 127.727937 / -0.010622
ChinaBond 3-5year Treasury Bond Index / Total Return Index / Total Value / 142.590975 / 142.608352 / -0.012186
ChinaBond Local Government Bond Index / Total Return Index / Total Value / 128.998665 / 129.015715 / -0.013215
ChinaBond 5-Year Treasury Bond Index / Total Return Index / Total Value / 149.061616 / 149.087894 / -0.017626
ChinaBond 10-Year Treasury Bond Index / Total Return Index / Total Value / 151.17014 / 151.198228 / -0.018577
ChinaBond 7-10 Year Treasury Bond Index / Total Return Index / Total Value / 143.029411 / 143.06632 / -0.025799

Table 2: Overall Changes of Net Price Indices

Index / Indicator / Term / 2018/3/1 / 2018/2/28 / Change
ChinaBond China Railway Bond Index / Net Price Index / Total Value / 99.994767 / 99.903613 / 0.091242
ChinaBond China Climate-Aligned Bond Index / Net Price Index / Total Value / 96.199567 / 96.121942 / 0.080757
ChinaBond Corporate Bond(AAA)Index / Net Price Index / Total Value / 90.21477 / 90.14846 / 0.073556
Ping An ChinaBond Investment Grade Bond Index / Net Price Index / Total Value / 100.520953 / 100.447275 / 0.07335
ChinaBond China Green Bond Select Index / Net Price Index / Total Value / 96.976895 / 96.907212 / 0.071907
Pingan ChinaBond 5 Year Liquid CDB Bond Index / Net Price Index / Total Value / 96.471857 / 96.403899 / 0.070493
ChinaBond China Green Bond Index / Net Price Index / Total Value / 96.263972 / 96.196527 / 0.070111
ChinaBond Commercial Bank Bond Index / Net Price Index / Total Value / 99.790424 / 99.731228 / 0.059355
ChinaBond Yinhua AAA Credit Bond Index / Net Price Index / Total Value / 99.088233 / 99.035366 / 0.053382
ChinaBond 10-Year Treasury Futures Maturity Matching Policy Bank Bond Index / Net Price Index / Total Value / 95.316004 / 95.266201 / 0.052278
ChinaBond 5-Year Finance Bond Index / Net Price Index / Total Value / 104.008484 / 103.957308 / 0.049228
Pingan ChinaBond 5-10 Year Liquid CDB Bond Index / Net Price Index / Total Value / 94.122098 / 94.076426 / 0.048548
ChinaBond EIBC Bond Aggregate Index / Net Price Index / Total Value / 96.585768 / 96.539189 / 0.048249
ChinaBond 7-20 Year CDB Bond Index / Net Price Index / Total Value / 90.791053 / 90.748141 / 0.047287
ChinaBond Long Term Index / Net Price Index / Total Value / 108.57974 / 108.52906 / 0.046697
ChinaBond CIB Green Bond Index / Net Price Index / Total Value / 98.812401 / 98.767285 / 0.045679
ChinaBond CBIC Bond Index / Net Price Index / Total Value / 91.992875 / 91.953822 / 0.04247
ChinaBond 5-Year Treasury Futures Maturity Matching Policy Bank Bond Index / Net Price Index / Total Value / 98.310052 / 98.268529 / 0.042256
ChinaBond 10-20 Year CDB Bond Index / Net Price Index / Total Value / 92.87301 / 92.834183 / 0.041824
ChinaBond New High Grade Corporate Bond Index / Net Price Index / Total Value / 80.187712 / 80.156998 / 0.038317
ChinaBond Corporate Bond(AA+)Index / Net Price Index / Total Value / 77.205474 / 77.176309 / 0.03779
Inter-Bank Fix-rate Corporate Bond Index / Net Price Index / Total Value / 77.632184 / 77.603777 / 0.036606
ChinaBond Corporate Bond Index / Net Price Index / Total Value / 77.805099 / 77.776642 / 0.036587
ChinaBond Fixed Rate Finance Bond Index / Net Price Index / Total Value / 108.039098 / 108.001279 / 0.035017
ChinaBond 7-10 Year CDB Bond Index / Net Price Index / Total Value / 91.545204 / 91.513305 / 0.034857
ChinaBond Finance Bond Aggregate Index / Net Price Index / Total Value / 110.758742 / 110.721032 / 0.034058
ChinaBond 7-10 Year ADBC Bond Index / Net Price Index / Total Value / 93.338249 / 93.30663 / 0.033887
ChinaBond New High Grade Bond Index / Net Price Index / Total Value / 88.543374 / 88.518614 / 0.027972
ChinaBond Medium Term Notes Index / Net Price Index / Total Value / 102.007773 / 101.979526 / 0.027698
ChinaBond New Medium Notes Index / Net Price Index / Total Value / 102.58611 / 102.557704 / 0.027698
ChinaBond High Grade Medium Term Notes Index / Net Price Index / Total Value / 102.746711 / 102.718432 / 0.027531
ChinaBond ADBC Bond Aggregate Index / Net Price Index / Total Value / 96.753828 / 96.730093 / 0.024538
ChinaBond 2012-Issuing Bond Index / Net Price Index / Total Value / 94.410975 / 94.388084 / 0.024251
ChinaBond China High Grade Bond Index / Net Price Index / Total Value / 93.477778 / 93.455599 / 0.023732
ChinaBond CDB bond index / Net Price Index / Total Value / 97.200441 / 97.180216 / 0.020812
ChinaBond Credit Bond Index / Net Price Index / Total Value / 92.915341 / 92.896192 / 0.020614
Chinabond High Grade Bond Index / Net Price Index / Total Value / 90.931531 / 90.912807 / 0.020596
ChinaBond 3-7 Year CDB Bond Index / Net Price Index / Total Value / 96.284062 / 96.264752 / 0.020059
ChinaBond High Yield Medium Term Notes Index / Net Price Index / Total Value / 83.98996 / 83.973421 / 0.019696
ChinaBond Corporate Bond(AA)Index / Net Price Index / Total Value / 76.265218 / 76.252695 / 0.016423
ChinaBond Company Credit Bond Index / Net Price Index / Total Value / 92.612907 / 92.598987 / 0.015032
ChinaBond Floating Rate Index / Net Price Index / Total Value / 112.734158 / 112.719461 / 0.013039
ChinaBond Floating Rate Finance Bond Index / Net Price Index / Total Value / 112.023598 / 112.008993 / 0.013039
ChinaBond Treasury and Policy Bank Bond Index / Net Price Index / Total Value / 96.154102 / 96.142629 / 0.011934
ChinaBond High Yield Corporate Bond Index / Net Price Index / Total Value / 73.64379 / 73.63576 / 0.010904
ChinaBond Aggregate Index / Net Price Index / Total Value / 111.862203 / 111.850279 / 0.010661
ChinaBond Fixed Rate Index / Net Price Index / Total Value / 112.834946 / 112.822987 / 0.0106
ChinaBond China 1-30 Year Sovereign and Quasi-Sovereign Bond Index / Net Price Index / Total Value / 94.997655 / 94.987693 / 0.010487
ChinaBond Corporate Bond(AA-)Index / Net Price Index / Total Value / 72.829021 / 72.821617 / 0.010168
ChinaBond 3-5 Year CDB Bond Index / Net Price Index / Total Value / 96.15344 / 96.143904 / 0.009919
ChinaBond Interbank Aggregate Index / Net Price Index / Total Value / 113.306964 / 113.296998 / 0.008796
ChinaBond 2013-Issuing Bond Index / Net Price Index / Total Value / 96.221943 / 96.214369 / 0.007872
ChinaBond New Composite Index / Net Price Index / Total Value / 96.534583 / 96.527072 / 0.007781
ChinaBond Composite Index / Net Price Index / Total Value / 98.433969 / 98.42631 / 0.007781
ChinaBond 1-3 Year ADBC Bond Index / Net Price Index / Total Value / 98.722412 / 98.716372 / 0.006118
ChinaBond Short-Middle Term Index / Net Price Index / Total Value / 111.708922 / 111.702871 / 0.005416
ChinaBond Commercial Paper 50 index / Net Price Index / Total Value / 99.160961 / 99.163566 / -0.002627
Pingan ChinaBond 10 Year Liquid CDB Bond Index / Net Price Index / Total Value / 90.233561 / 90.23882 / -0.005828
ChinaBond Money Market Fund Investable Bond Index / Net Price Index / Total Value / 96.568851 / 96.577556 / -0.009013
ChinaBond Exchange Treasury Bond Index / Net Price Index / Total Value / 115.54985 / 115.56074 / -0.009423
ChinaBond Commercial Paper Index / Net Price Index / Total Value / 99.054845 / 99.065528 / -0.010784
ChinaBond Enterprise Bond Aggregate Index / Net Price Index / Total Value / 99.771719 / 99.783073 / -0.011379
ChinaBond Commercial Paper (AA) Index / Net Price Index / Total Value / 97.687773 / 97.69908 / -0.011573
ChinaBond Treasury Bond Aggregate Index / Net Price Index / Total Value / 113.358942 / 113.376544 / -0.015525
ChinaBond Fixed Rate Treasury Bond Index / Net Price Index / Total Value / 113.711217 / 113.728873 / -0.015525
ChinaBond Interbank Treasury Bond Index / Net Price Index / Total Value / 114.332646 / 114.35081 / -0.015884
ChinaBond 7-year Treasury Bond Index / Net Price Index / Total Value / 110.73148 / 110.75354 / -0.019918
ChinaBond Key Terms Treasury Bond Index / Net Price Index / Total Value / 96.348001 / 96.367632 / -0.020371
ChinaBond Local Government Bond Index / Net Price Index / Total Value / 99.235719 / 99.258471 / -0.022922
ChinaBond 5-Year Treasury Bond Index / Net Price Index / Total Value / 106.068225 / 106.09748 / -0.027574
ChinaBond 10-Year Treasury Bond Index / Net Price Index / Total Value / 105.356064 / 105.385884 / -0.028296
ChinaBond 7-10 Year Treasury Bond Index / Net Price Index / Total Value / 95.669157 / 95.703451 / -0.035833

Table 3: Top 10 Rising Indices (By Term Segments)

Index / Indicator / Term / 2018/3/1 / 2018/2/28 / Change
ChinaBond 2013-Issuing Bond Index / Total Return Index / 7-10y / 125.011218 / 124.637453 / 0.299882
ChinaBond 2012-Issuing Bond Index / Total Return Index / 7-10y / 122.587022 / 122.248254 / 0.277115
ChinaBond Commercial Bank Bond Index / Total Return Index / 7-10y / 174.193464 / 173.728827 / 0.267449
ChinaBond High Grade Medium Term Notes Index / Total Return Index / >=10y / 135.886632 / 135.56127 / 0.240011
ChinaBond New Medium Notes Index / Total Return Index / >=10y / 135.886632 / 135.56127 / 0.240011
ChinaBond Medium Term Notes Index / Total Return Index / >=10y / 135.635814 / 135.311053 / 0.240011
ChinaBond Yinhua AAA Credit Bond Index / Total Return Index / 7-10y / 133.374327 / 133.072035 / 0.227164
ChinaBond Enterprise Bond Aggregate Index / Total Return Index / 7-10y / 127.321387 / 127.035938 / 0.224699
ChinaBond Corporate Bond(AAA)Index / Total Return Index / 7-10y / 163.779218 / 163.414077 / 0.223445
ChinaBond Credit Bond Index / Total Return Index / 7-10y / 165.652967 / 165.30864 / 0.208293
Index / Indicator / Term / 2018/3/1 / 2018/2/28 / Change
ChinaBond 2013-Issuing Bond Index / Net Price Index / 7-10y / 104.340319 / 104.042002 / 0.286728
ChinaBond 2012-Issuing Bond Index / Net Price Index / 7-10y / 89.416467 / 89.175625 / 0.270076
ChinaBond Commercial Bank Bond Index / Net Price Index / 7-10y / 102.088758 / 101.821714 / 0.262266
ChinaBond New Medium Notes Index / Net Price Index / >=10y / 102.279705 / 102.043432 / 0.231542
ChinaBond High Grade Medium Term Notes Index / Net Price Index / >=10y / 102.279705 / 102.043432 / 0.231542
ChinaBond Medium Term Notes Index / Net Price Index / >=10y / 102.761845 / 102.524457 / 0.231542
ChinaBond Yinhua AAA Credit Bond Index / Net Price Index / 7-10y / 98.374093 / 98.158307 / 0.219834
ChinaBond Enterprise Bond Aggregate Index / Net Price Index / 7-10y / 99.742871 / 99.526609 / 0.217291
ChinaBond Corporate Bond(AAA)Index / Net Price Index / 7-10y / 93.700754 / 93.499393 / 0.215361
ChinaBond Credit Bond Index / Net Price Index / 7-10y / 95.174581 / 94.984282 / 0.200349

Table 4: Top 10 Declining Indices (By Term Segments)